International Breweries Plc published their fourth quarter unaudited 2025 results on reporting earnings per share of N0.03 against loss per share of N0.01 in 2024, translating to an earnings per share of N0.38 in 2025 full year compared to loss per share of N1.16 in 2024 full year.

The turnaround was driven by modest volume-led revenue growth, supported by festive season demand, while softer cost pressures reinforced gross margin resilience during the period.

INTBREW’s revenue expanded modestly by 1.4% , driven primarily by a volume-led rebound (+12.2% q/q) as festive season demand provided support amid heightened consumer price sensitivity.

The modest topline performance, alongside easing cost pressures, drove a 442bps year on year expansion in gross margin to 29.5%, reflecting improved raw material localisation and reduced input import exposure.

However, cost of sales rose by 12.8% q/q in line with higher production volumes, although softer input cost pressures helped contain margin erosion during the period.

EBITDA margin compressed to 15.6% in Q4-25 (2025FY: +22.4%), from 34.1% in Q4-24 (2024FY: -8.4%), largely reflecting the drag from FX revaluation losses of N2.35 billion, despite only a modest increase in operating expenses during the period.

Below the operating line, net finance income declined by 50.4%  to N4.17 billion N8.41 billion in 2024, largely driven by a 21.6% y/y decline in finance income, due to a 13.7% decline in short term investments.

Meanwhile, borrowing costs remained contained as the company reported no outstanding loans or overdrafts at period end.

Consequently, full year net finance income rose to N11.37 billion in 2025 full year, relative to a net finance cost of N20.74 billion in 2024 full year.

Overall, INTBREW recorded a profit before tax of N10.90 billion in against  N42.73 billion  in 2024, reflecting the zero impact of FX revaluation gains during the quarter.

On a full year basis, however, pre-tax performance improved significantly to NGN85.11 billion, reversing the pre-tax loss of N111.82 billion recorded in 2024 full year.

INTBREW reported a profit after tax of N5.51 billion against loss of N80.01 million in 2024, lifting 2025 full year PAT to N63.34 billion from a loss of N113.61 billion in the prior year.

Market watchers noted that the 2025 fourth quarter performance reinforced its margin recovery story for 2025 full year, supported by tighter cost control, improved local sourcing, and easing FX pressures.

Looking ahead, they believed earnings momentum is expected to extend into 2026 full year, driven by embedded pricing, gradual volume recovery, and an improving operating environment.